Earlier this morning geohot posted the first official photos of a jailbroken iPhone 3G[s]. geohot uses an iboot patch to upload a LLB to the phone which utilizes the 24kpwn patch in the bootrom. He mentions on twitter that a simple change in the current redsn0w would allow the 3G[s] jailbreak:

geohot:

There is still lot of questions on whether geohot plans on releasing a jailbreak tool of his own or releasing his exploit to the other dev teams working on the project. Seeing as it would only take updating a few lines in redsn0w, I would hope he allows the dev team to update it and get the tool to the public as soon as possible. We almost haz jailbreak.